Kuwait Finance House (KFH), the Gulf nation’s biggest Islamic lender, plans to finance government projects in Saudi Arabia, including in the NEOM business zone, its acting chief executive officer told Reuters.
The lender is looking to contribute to the financing of Saudi government and infrastructure projects in sectors including electricity and oil, said Abdulwahab Al-Roshood. “Saudi Arabia is a promising market … KFH will have a share of financing these projects,” Roshood said.
Saudi Arabia, a neighbour of Kuwait, is working on several so-called mega projects expected to require large financing, including NEOM, a $500 billion flagship business zone aimed at diversifying the economy of the world’s largest oil exporter. KFH, which sold $750 million in Additional Tier 1 sukuk in June—Zawya News